Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry [1] Core Viewpoints - The increase in import tariffs on semiconductor equipment from the US is beneficial for the domestic replacement of both mature and advanced process equipment, supporting the trend of self-sufficiency [5][6] - The import value of semiconductor equipment from the US in 2024 is estimated to be approximately 33.7 billion yuan, accounting for about 20% of total imports [6][8] - The newly imposed 34% tariff on US imports is expected to increase the cost of imported key equipment by over 50%, giving a significant price advantage to domestic equipment [5][6] - The report highlights that the major imported equipment from the US includes ion implantation and metrology equipment, with the largest import value for metrology equipment at approximately 12.25 billion yuan [7][8] - Major US equipment manufacturers have production bases in Singapore and Malaysia, which affects the reported import values [11] Summary by Sections Section 1: Impact of Tariffs - The increase in tariffs is expected to accelerate the domestic replacement of semiconductor equipment, particularly benefiting mature process chips due to their price sensitivity [5][6] Section 2: Equipment Import Breakdown - In 2024, the largest import value from the US is for metrology equipment at 12.25 billion yuan, followed by ion implantation equipment at approximately 10.15 billion yuan [7][8] Section 3: Revenue from US Equipment Manufacturers - The combined revenue of four major US equipment manufacturers in China is estimated at around 120 billion yuan, indicating a significant presence in the market [11][12] Section 4: Investment Recommendations - The report recommends focusing on front-end and back-end semiconductor equipment and component manufacturers, highlighting specific companies such as North Huachuang and Zhongwei Company [18]

Investment Rating - The investment rating for the company is "Add" (maintained) [1] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 1.38 billion yuan, a year-on-year increase of 54.94%. The revenue from testing equipment was 985 million yuan, up 50.5% year-on-year, accounting for 71.3% of total revenue [7] - The company is experiencing a transition in profitability, with a net profit of -11.53 million yuan in 2024, primarily due to increased R&D investments and the payment of a share incentive plan [7] - The company maintains a high level of R&D investment, with R&D expenses reaching 498 million yuan in 2024, a year-on-year increase of 118.2% [7] - The company has a strong order backlog, with inventory increasing by 57.1% year-on-year to 1.747 billion yuan and contract liabilities rising by 42.9% to 629 million yuan [7] - The company is making progress in the development of advanced process measurement equipment, with successful validations from major domestic clients [7] Financial Summary - Total revenue forecast for 2024 is 1.38 billion yuan, with a projected growth rate of 54.94% [8] - The net profit forecast for 2025 is adjusted to 217 million yuan, down from the previous estimate of 260 million yuan [7] - The projected net profit for 2026 is 364 million yuan, and for 2027, it is 512 million yuan [7] - The current market capitalization corresponds to dynamic P/E ratios of 123 for 2025, 73 for 2026, and 52 for 2027 [7] - The company’s gross margin for 2024 is 48.90%, with a projected increase in subsequent years [8]

Financial Performance - Company reported a revenue of 1.38 billion yuan in 2024, representing a year-on-year increase of 54.94% compared to 890.90 million yuan in 2023 [1] - Net profit attributable to shareholders was -11.55 million yuan, a significant decline from 140.34 million yuan in the previous year, marking a decrease of 108.21% [1] - The net cash flow from operating activities was -312.70 million yuan, worsening from -52.04 million yuan in 2023 [1] Capital Structure and Equity - As of the end of 2024, the total assets of the company reached 4.21 billion yuan, an increase of 22.75% from 3.43 billion yuan at the end of 2023 [1] - The net assets attributable to shareholders were 2.44 billion yuan, slightly up by 1.11% from 2.41 billion yuan at the end of 2023 [1] Stock Issuance and Fundraising - Company went public on May 19, 2023, on the Sci-Tech Innovation Board, raising a total of 1.89 billion yuan, with a net amount of 1.70 billion yuan after deducting issuance costs [2] - The funds raised are intended for high-end semiconductor quality control equipment projects, R&D center upgrades, and working capital [2] - Company plans to issue additional shares to specific investors, aiming to raise up to 2.50 billion yuan for further projects and working capital [3] Underwriting and Advisory - The lead underwriter for the public offering and the upcoming stock issuance is Guotai Junan Securities Co., Ltd., with representatives involved in the underwriting process [2][4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][9]. Core Insights - The company reported a significant revenue increase of 54.94% year-on-year, reaching 1.38 billion RMB in 2024, although it faced a net loss of 0.12 billion RMB, a decline of 108.21% compared to the previous year due to high R&D and share-based payment expenses [1][6]. - The semiconductor equipment market in mainland China is projected to grow by 33.7% in 2024, reaching 49 billion USD, positioning it as the largest semiconductor equipment market globally. The company is well-positioned to benefit from this growth due to strong domestic demand for equipment [1][2]. - The company has significantly increased its R&D investment, with expenses reaching 498 million RMB in 2024, a year-on-year increase of 118.17%, indicating a commitment to advancing its technology [2][6]. - The company has developed a comprehensive range of detection equipment, with over 300 units of non-graphical wafer defect detection equipment delivered to more than 100 clients, ensuring a competitive edge in the market [2][6]. - Revenue forecasts for 2025-2027 are optimistic, with expected revenues of 2.04 billion RMB, 2.95 billion RMB, and 3.83 billion RMB, representing growth rates of 48%, 45%, and 30% respectively [3][6]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 1.38 billion RMB, a year-on-year increase of 54.94%, while the net profit attributable to shareholders was -0.12 billion RMB, reflecting a decline of 108.21% due to high R&D and share-based payment costs [1][6]. Operational Analysis - The company is expected to see continued growth in orders, supported by a strong domestic demand for semiconductor equipment, with a significant portion of the market currently dominated by U.S. companies [1][2]. - The company has a robust order backlog, with contract liabilities of 630 million RMB and inventory of 750 million RMB, indicating strong sales momentum [1][2]. R&D and Product Development - The company has made substantial investments in R&D, with expenses reaching 498 million RMB in 2024, which is significantly higher than the revenue growth rate, reflecting a strategic focus on advanced technology [2][6]. - The company has successfully developed and delivered advanced detection equipment, enhancing its market position and ensuring competitiveness in the semiconductor industry [2][6]. Financial Forecasts - Revenue projections for 2025-2027 are set at 2.04 billion RMB, 2.95 billion RMB, and 3.83 billion RMB, with corresponding growth rates of 48%, 45%, and 30% [3][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][9]. Core Insights - The company reported a significant revenue increase of 54.94% year-on-year, reaching 1.38 billion RMB in 2024, although it faced a net loss of 0.12 billion RMB, a decline of 108.21% compared to the previous year due to high R&D and share-based payment expenses [1]. - The semiconductor equipment market in mainland China is projected to grow by 33.7% in 2024, reaching 49 billion USD, positioning it as the largest semiconductor equipment market globally. The company is well-positioned to benefit from this growth due to strong domestic demand for equipment [1][2]. - The company has significantly increased its R&D investment, reaching 0.498 billion RMB in 2024, a year-on-year increase of 118.17%, which is higher than its revenue growth rate. This investment is aimed at advancing its technology and product offerings [2]. - The company has developed a comprehensive range of detection equipment, with over 300 units of non-graphical wafer defect detection equipment delivered to more than 100 clients, ensuring a competitive edge in the market [2]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 2.037 billion RMB, 2.949 billion RMB, and 3.833 billion RMB, respectively, with year-on-year growth rates of 48%, 45%, and 30% [3][6]. - The forecasted net profit for 2025, 2026, and 2027 is 0.204 billion RMB, 0.346 billion RMB, and 0.594 billion RMB, with growth rates of 70% and 72% for the following years [3][6].

Financial Performance - The company reported a basic earnings per share of -0.0400 yuan for 2024, a decrease of 108.16% compared to 0.4900 yuan in 2023 [1] - The net profit for 2024 was -0.12 billion yuan, down 108.57% from 1.4 billion yuan in 2023 [1] - Operating revenue increased by 54.88% to 13.8 billion yuan in 2024, compared to 8.91 billion yuan in 2023 [1] - The return on equity for 2024 was -0.48%, a significant decline from 8.60% in 2023 [1] - The net asset per share dropped to 0 yuan in 2024, a 100% decrease from 7.53 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 11,348.78 million shares, accounting for 46.48% of the circulating shares, a decrease of 963.46 million shares from the previous period [1] - Notable changes in shareholder holdings include a decrease of 225.49 million shares by Guotou (Shanghai) Venture Capital Management Co., Ltd. and new entries from several investment funds [2] - The top shareholders include Guotou (Shanghai) with 3,421.10 million shares (14.01%) and ICBC with 1,345.33 million shares (5.51%) [2] Dividend Policy - The company has announced no distribution or transfer of shares for the current period [4]

Core Insights - The company reported a revenue of 1.38 billion yuan for 2024, representing a year-on-year growth of 54.94% [1] - The company experienced a net loss of 11.52 million yuan, a significant decline from a net profit of 140 million yuan in the same period last year, indicating a shift from profit to loss [1] - The company will not distribute profits for the 2024 fiscal year, including no cash dividends or stock bonuses [1] Revenue Growth Factors - The revenue growth was driven by breakthroughs in core technology, advancements in industrialization, and iterative upgrades of various product lines, enhancing the company's competitive advantages in technology, customer resources, and product coverage [1] - The market recognition of the company has improved, leading to an increase in order volume and revenue [1] R&D Investment and Profitability - The company increased its R&D investment to meet the growing demand for high-end semiconductor quality control equipment, with R&D growth outpacing revenue growth, impacting profitability [2] - To attract and retain talent, the company implemented a restricted stock incentive plan for 2024, resulting in increased share-based payment expenses [2] - The net profit attributable to the parent company decreased by 15.2 million yuan year-on-year, while the net profit excluding non-recurring gains and losses fell by 15.6 million yuan [2] Future Outlook - Despite the losses, the company anticipates that with rapid revenue growth, steady recovery in gross margin, and stabilization of R&D investment in the fourth quarter, the loss margin is expected to narrow compared to the first three quarters [2]

深圳中科飞测科技股份有限公司 关于为全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 证券代码：688361 证券简称：中科飞测 公告编号：2025-021 重要内容提示: 被担保人名称：上海中科飞测半导体科技有限公司、广州中科飞测科技 有限公司、北京中科飞测科技有限公司为深圳中科飞测科技股份有限公司（以下 简称"中科飞测"或"公司"）的全资子公司。 本次担保金额及已实际为其提供的担保总额：公司拟为全资子公司提供 担保额度总计不超过 12 亿元（含存续的担保合同），该担保额度可在公司合并 报表范围内全资子公司（包括新增或新设子公司）之间进行调剂使用。截至本公 告披露日，公司对上海中科飞测半导体科技有限公司担保总额为 8,300 万元。 一、担保情况概述 为满足全资子公司日常经营和业务发展的实际需要，加快全资子公司良性 发展，提高公司整体实力，公司拟为全资子公司提供担保额度总计不超过 12 亿 元（含存续的担保合同）。上述担保事项已经公司 2025 年 4 月 3 日召开第二届 董事会第十一次会议、第 ...

2024 年度会计师事务所履职情况评估报告 深圳中科飞测科技股份有限公司 深圳中科飞测科技股份有限公司（以下简称"公司"）聘请容诚会计师事 务所（特殊普通合伙）（以下简称"容诚会计师事务所"）作为公司 2024 年度 财务报告出具审计报告的会计师事务所。 根据财政部、国务院国有资产监督管理委员会、中国证券监督管理委员会 颁布的《国有企业、上市公司选聘会计师事务所管理办法》，公司对容诚会计 师事务所在 2024 年度的审计工作的履职情况进行了评估。具体情况如下： 一、 2024 年年审会计师事务所基本情况 （一） 会计事务所基本情况 容诚会计师事务所（特殊普通合伙）由原华普天健会计师事务所（特殊普通 合伙）更名而来，初始成立于 1988 年 8 月，2013 年 12 月 10 日改制为特殊普通 合伙企业，是国内最早获准从事证券服务业务的会计师事务所之一，长期从事证 券服务业务。注册地址为北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26，首席合伙人刘维。 截至 2024 年 12 月 31 日，容诚会计师事务所共有合伙人 212 人，共有注册 会计师 1552 人，其中 7 ...

公司代码：688361 公司简称：中科飞测 深圳中科飞测科技股份有限公司 2024 年度内部控制评价报告 深圳中科飞测科技股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内 部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专 项监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了 评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标 提供合理保证。此外，由于情况 ...